Petroleum is facing declining global reserves and contributes to more than 30% of greenhouse gas emissions driving global warming. Global consumption of petroleum in the form of transportation fuel reaches 800 billion barrels annually. Diesel and jet fuels account for greater than 50% of global transportation fuels.
Due to increasing petroleum costs and reliance on petrochemical feedstocks, the chemicals industry is also looking for ways to improve margin and price stability, while reducing its environmental footprint. One way to accomplish these goals is through the development of greener products that are more energy, water, and CO2 efficient than current products. Fuels produced from biological sources represent one such process.
Overall reserves of fossil fuels are dwindling and extraction of fossil fuels from known reserves is becoming increasingly more costly and complex. Biologically-produced hydrocarbons have the potential to replace society's dependence on such fossil fuels. Hydrocarbons have high energy density, are compatible with existing infrastructure including transport and storage facilities, and constitute a source of both energy and materials like plastics and specialty chemicals.